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When the Profit Taking Index drops below 35, the statistical odds for a Wave Five rally is greatly reduced. In Projection for Fifth Wave.

Elliott Waves - Glossary - FORT FINANCIAL SERVICES

Elliott Wave Oscillator D. Retracements should hold above the Wave Four channels. Wave Four channels are proprietary channels that provide the much needed timing element for Elliott Wave analysis. An ideal Wave Four should complete above these channels. Containment of the retracement levels above the top two channels provide a higher probability for a stronger rally in Wave Five. Calculate the stop two Fibonacci levels under the entry level. Look for the fifth wave projection target given by the software. If this ratio is greater than 1.

Look for prices to be near the Fifth Wave projection. Make sure the Elliott Oscillator confirms a Fifth Wave by providing clear divergence and the Oscillator pulled back to zero base-line in between. The Elliott Oscillator is part of the software. Pulled back to zero base-line in between peaks C. The DMA is a simple moving average displaced or shifted to the right. As long as the momentum in the market continues, the DMA stays out of the way.

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This provides a confirmation to enter a position. This also provides a defined stop above the highs. Place stop above previous high. Our software automatically calculates this for you. Wait for the price to cross the channels. The software labels the rally as a Wave 4 Retracement and the Elliott oscillator has pulled back to zero.

Wave Four Time Channels are holding prices. Statistical tendency for market to decline to new lows is very great. Conclusion: SELL on cross of trend line. Statistical tendency for market to rally to new highs is very great.

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Conclusion: BUY on cross of trend line. The software labels the pattern as a Wave 4 Retracement and the Elliott oscillator has pulled back to zero. The software labels the rally as a Wave 4 Retracement. Conclusion: Do not BUY. Market will either Double Top or continue to decline. GET indicates a fifth wave rally in progress.

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Once the fifth wave is complete, look for a major reversal. After completing a fifth wave high, the pound sold off to massive new lows. The first target is the previous Wave Four low at When prices trade to the previous Wave Four, the stops need to be tightened. From this point on, one should monitor the software generated Elliott Wave count for a new Wave Three in the same direction.

The first target is the previous Wave Four low near The first target is the previous Wave Four high at Buy on the cross of the DMA with a stop under the lows. The first target is the previous Wave Four high near When prices trade to this target, one should tighten stops or monitor the software generated Elliott Wave counts for a new Wave Three in the same direction. The Elliott Oscillator has pulled back to zero confirming this.

The Profit Taking Index is greater than 35 at 54 showing good potential for a rally to a new high. The Wave Four channels are holding, confirming a good potential for a new rally. The target is to new highs above Software projections are shown with a with dashes on either side. This also sets up a Type Two sell seen on next page. The Elliott Oscillator shows clear divergence. The first target is the previous Wave Four near the area.

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Chart B shows the sell point and subsequent action. The Elliott Oscillator shows clean divergence. The first target is the previous Wave Four high near the When prices trade to this level, one can tighten stops and monitor the software generated Elliott Wave counts for a new Wave Three in the same direction.

Practical Applications of a Mechanical Trading System

The Elliott Oscillator confirms this. The Profit Taking Index is greater than 35 at 47 which indicates a potential for a rally to new highs. The Wave Four channels are holding prices which further supports the rally potential. The target is for new highs above the This usually sets up a Type Two sell situation seen on next page.

The first signal was a false one, and the position was stopped. The second sell signal caught the entire decline. Look for the previous Wave Four low near the The first sell signal was a false signal. This was due to a sub-division or extension in the Fifth Wave.

See the next page on how to handle false signals caused by sub-divisions. Since the Fifth Wave extended and sub-divided, a false signal was generated on the first sell signal. When you see false signals caused by extended or sub-divided Five Waves, use an Extension Elliott Oscillator Tom's Extended Oscillator to see the divergence inside the sub-divided waves. The other way is to wait for the software provided price projection before entering the short.

The price projection is shown as a number with a dash on either side. The Wave Four channels are holding prices confirming a new low. The target is for new lows below the This usually sets up a Type Two Buy seen on next page. The software shows Dec 93 Copper completing a Five Wave sequence. The first buy signal was a false one and the position was stopped. The second buy signal caught the rally. Now look for the previous Four high as the first target.

The first buy signal was a false signal. See next page on how to handle false signals caused by sub-division. Since the Fifth Wave extended and sub-divided, a false signal was generated. The Extension Oscillator allows the user to handle sub-division or extensions within the Fifth Wave. This leads to failed Fifth Waves and Double Tops see next page. Again, the first target is the previous Wave Four low near This again indicates greater than normal profit taking in the current decline.

The previous Wave Four low near At this time, one can tighten stops or monitor the software generated Elliott Wave count for a new Wave 3 in the same direction. The 60 Minute Factor Hourly The 60 minute chart adds three valuable inputs to the decision making process.

Q Enhances Daily Resolution: Since the daily bar chart only represents the high and low for each day, it fails to provide any insight on how the market traded during the day.